Would you consider downsizing when you retire or have you already done so?
The housing market’s spring selling season is underway – and for some, this may mean downsizing from a family-sized property to a new smaller home that better suits their needs at this stage in life.
This can feel like a massive change, of course, and moving is often a big upheaval. But with some careful consideration, downsizing can be a really positive experience, according to NAEA (National Association of Estate Agents) Propertymark.
“The most important thing to consider is that you ‘right-size’ and find a property which suits your lifestyle,” says Mark Bentley, NAEA Propertymark president. “Moving to a smaller property also releases equity trapped in the property, gives you a home which is easier to manage and, depending on the location, it could mean better access to local amenities, which will improve your quality of life.”
Considering downsizing soon? Here are some tips from NAEA Propertymark to help keep the process simple and cost-effective…
Are you still in your family home or have you downsized already? Would you like to downsize and release some equity to spend in your later years? Or are you happy to keep your family home for your grandchildren to enjoy?
What are your views?
We'd love to hear your comments
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Hind sight is a very good thing.
Major minus was the plus I had to add to the finances in order to purchase a bungalow having sold a mid terrace ex council house
A plus was no longer having stairs.
A minus is the change of location from an area with a wide range of people of all ages to a street where most of the people are older than me which instantly makes me feel aged.
Less housework is fine trying to find other things to do more of a challenge.
Being nearer family has mixed blessings to but reassuring to us all to be available if needed
As ecarg says, more money would be required for a bungalow with a small garden. More for less is not sound economics.
I've made changes to this home since my wife got MS a few years ago. Lots of changes and these expensive alterations and adaptations would be required in a fresh property and probably more as time goes on.
There were other financial concerns, but over riding all these was the underlying truth that we are content here with our dogs. Remote, peaceful, largely unaffected by traffic and living with the rhythms of the seasons surrounded by thousands of acres of fields and woodland.
There are downsides. The nearest hospital is twenty odd miles away, nearest bottle of milk six and if we need a supermarket that is fifteen miles.
Yet, we are hugely privileged to have contentment, an ease of mind mostly free of stress and anxiety. It's not a bad place to be chronically sick, overall. In fact, it's priceless.
We'll stay here.
I am proud to employ people who help me, and to pay them for their time, reliability and expertise...my Gas Engineer ( self employed) paid £7.000 to get his CorGi gas safe qualifications and more to get the Worcester Boiler ones....
The one service I can’t seem to get is a house cleaning company who understands what a deep clean means in a domestic situation. Sadly, the language competence demanded by me can’t explain that I need strong workers who can lift furniture, vacuum underneath, remove cobwebs, dust and wipe skirting boards etc, beds, mattresses turned over and vacuumed.then replace everything where it was ..and so on...and so forth.
A friend suggested I ask if the local fire station could lend me a couple of helpful people, in return for a substantial donation to the Fire station
of course.
The Solicitor has my 2 Enduring Powers of Attorney.
Health & Welfare, and Wealth registered and in place, with two Solicitor Executors for these and my Will named on the documents.
I have always believed in people providing for themselves in old age thoughout their working lives, hence my wish to pay professional people, like Solicitors to provide a paid for service to be remunerated in their charges for fees to arrange what I need. No family responsibility to execute and monitor my needs and wishes is necessary nor inconvenience for them incurred.
Hence, I keep my house as a financial asset, which will pay for me as needed..equity release? Possibly?
Smaller bills, less housework, and not as much garden to maintain.
On retiring found we had more time and money to do the things we wanted to do.
Down sizing is not for everyone its a matter of choice and life style.
I would consider it if health or financial concerns forced my hand, but other than that i am staying put, plus my young grandson has asked can he have it once i have popped my cloggs. ( My words, not his! )
His infant sister has less lofty expectations. " Granddad, when you die can i have your computer? "
It is new.
Its heartwarming that they are planning for their future at such a young age.
As for having to put the family up - surely they would rather see their parents living comfortably than having to scrimp and save to meet the bills or, even worse, getting into debt.
Even after 2 years here we are still getting rid of stuff and adjusting to life in a bungalow ... but it is the best move we made. Near shop, pub and bus stop 🙂
All the bungalows within walking distance to shops have been turned into massive luxury houses and the new 'retirement flats' are ridiculously expensive for the amount of space you get.
The point of downsizing is to release a bit of cash to help the kids out but the maths don't always work out with stamp duty and other fees to take into account.
I think we may be forced to stay put.